EU president says deal reached over Greek debt crisis
EU president says deal reached over Greek debt crisis
Friday 12th February 2010
Eurozone leaders have agreed a deal to help Greece tackle its debt crisis, European Council president Herman van Rompuy has said.The former Belgian prime minister told reporters without providing any details that French and German-led "determined and coordinated" action would be taken to help the Greek economy.
Thousands of civil servants took to the streets in the Greek capital yesterday over the government's decisions to deal with the deficit by freezing pay and raising taxes.
As the eurozone's weakest economy, the government plan aimed to bring Greece's budget deficit of 12.7 per cent – which is more than four times the eurozone limit - to 2.7 per cent in just three years.
The Greek crisis has put considerable strain on the euro, but markets across the continent reacted well to today's news.
All 27 EU leaders are meeting in Brussels for today's summit, although the eventual rescue deal only directly concerns the 16 eurozone countries.
Mr Van Rompuy, who said Greece had not sought a bailout, insisted that Athens had to carry out its promised austerity plans, saying EU citizens expected "rigorous" action from the Greeks.
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